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Black Money, an Overview

Although our Finance Minister, Arun Jaitley has proposed to table a new legislation on black money but experts are of the opinion that India does not need a separate legislation. They feel that if the prevailing Income Tax Act provisions are strengthened, the problem of black money can be fixed. The new dimension of making laundering of black money a predicate offence will enable India to obtain information as well as other assistance in investigating cases against undisclosed bank accounts and foreign assets. Mr Subramanian Swamy believes that nationalisation of Indian money in tax havens is the surest way to bring back lost wealth of India. TIOL Tube has taken views of former CBDT Member, Mr S S Khan, Former CBEC Member, Mr A K Raha, Former Joint Secretary, CBDT, Mr D P Sengupta and Mr Partho Das Gupta, Partner-Direct Tax, BDO.

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